Competitive Start Fund - Graduate Entrepreneurship

Competitive Start Fund - Graduate Entrepreneurship

The Competitive Start Fund (CSF) aims to support early stage start-ups. A call for applications from recent graduates active in the Manufacturing & Internationally Traded Services sectors including the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Food, Cleantech and Industrial Products will open on Wednesday 24th August 2016 and close at 3pm on Wednesday 7th September 2016. Late applications will not be accepted.

Overview of the Competitive Start Fund

The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capability to succeed in global markets. The fund is designed to enable those companies reach key commercial and technical milestones, for example:

  • Evaluate overseas market opportunities and reach firm conclusions regarding the viability of the proposed business.
  • Build a prototype.
  • Secure a reference site.
  • Develop a market entry plan for exploiting international opportunities.
  • Secure partnership deal or strategic alliance.
  • Identify suitable channels to international markets.
  • Secure third party investment e.g. business angel, Venture Capital.

 

Am I eligible?

You are eligible to apply if you are an existing or potential client of Enterprise Ireland's High Potential Start-Up Department.

The Competitive Start Fund is open to:

  • Companies who are active in the Manufacturing & Internationally Traded Services sectors including the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Food, Cleantech and Industrial Products.
  • Individuals who, prior to Enterprise Ireland's investment, will register a company which will be active in these sectors.
  • Individuals who, prior to Enterprise Ireland's investment, will have a headquarters registered and be based in Ireland. All intellectual property and assets must reside in the Irish entity.

In addition, applicants must fulfil all of the following criteria:

  • Must be a graduate within the last 3 years (from date of application) of a third level qualification with NFQ level 7 accreditation or higher; Please note individuals who are currently sitting their NFQ Level 7 exams this year are eligible to apply for Enterprise Ireland's Graduate Competitive Start Fund. Applicants must have prior to legal’s written notification from their educational institution of final results indicating that they will be conferred with a degree of at least NFQ level 7 or equivalent.
  • Must be a manufacturing or an internationally traded services business;
  • Must not have received equity funding of more than €100K prior to the competition closing date i.e, Ordinary shares, Convertible Preference Shares, Convertible Loan Notes and Directors Loans. Sweat equity does not apply;
  • Must be pre-trading or recently commenced trading, i.e. does not have annual revenues in excess of €60k in the current financial year to date or in any previous financial year;
  • Must be less than five years old from date of registration;
  • Must be capable of creating 10 jobs in Ireland and realising sales of €1m within 3 years of starting up* or, where a company is required to have FDA or CE approval, within three years of approval to sell;
  • Must not be involved in activities that fall within gambling or "gaming" as defined in the Gaming & Lotteries Act 1956 or be involved in "adult entertainment", tobacco or military sectors;
  • Applicants must be eligible to live and work in Ireland or be legally working here or attending, or have recently attended, a start up accelerator programme in Ireland. If you are successful and your current visa status does not allow you to run a business in Ireland you must regularise your visa situation before receiving an investment.

Further information about the Graduate Entrepreneurship Competitive Start Fund is available on the Enterprise Ireland Website - click here  

How do I apply?

If you are a first-time applicant you will be required to register on the Enterprise Ireland Online Application System.

Applications must be made via the Enterprise Ireland Online Application System.